How important are Health Insurance Family Plans?
When it comes to the family's health and safety, a health insurance policy for family is vital. The rising incidences of critical illnesses, pollution, sedentary lifestyle, etc., are taking a toll on people's health. Additionally, increasing medical inflation in the country and resultant unaffordable treatment costs are more like financial trauma during medical emergencies for many.
So, better to keep your family secured and protected with Care family insurance plans. It helps your loved ones to avail the best possible treatment across 15500+ cashless network providers and gives you a financial cushion when you need it the most.
Click to know more about Health Insurance Plans
Benefits of Family Insurance Plans
Our health insurance policy for family comes with comprehensive coverage for insured family members. They get protection under a single umbrella. Listed below are its significant benefits:
- Direct Claim Settlement: Hassle-free service is our top priority. Hence we settle your claims directly without involving any Third Party.
- Cashless Hospitalization: You can get cashless treatment at any 15500+ healthcare providers. We will settle your medical bills directly with the network hospital in case of hospitization due to illness or injury.
- Affordable Premium: The family floater plan is affordable and has less premium than the individual policy. You need to pay a single premium once a year. It reduces your financial burden and keeps your family budget balanced.
- Single Policy: No need to get into the cumbersome formalities of having several health policies for your family members. Pay a single premium and manage one policy for all insured family members.
- No Upper Age Limit: If you are 18 years old or above, you can buy our health insurance plan without any age restriction with no upper age limit for enrolment.
- Discounts: Discounts can bring a smile to anyone's face. We understand how important a smile is, so here we come with numerous discounts such as a multi-year policy, Smart Select, and many more.
- Tax Exemption: Secure your health and wealth. Get tax exemption up to Rs 75,000 for the premium paid against coverage for family and parents as per section 80D of the Income Tax Act.
What is covered under Health Insurance Policy for Family?
We offer health insurance family plans with adequate coverage at an affordable cost. Let's check what our medical insurance for family covers:
In-Patient Hospitalization Expenses: We cover your hospitalization expenses if hospitalization exceeds 24 hours due to accidents or illness.
Pre and Post Hospitalization: We cover expenses on doctor consultation, prescribed diagnostics, or prescribed pharmacy for up to 30 days before hospitalization in pre-hospitalization and up to 60 days after hospitalization in case of post-hospitalization.
Ambulance Cover: The policy covers ambulance costs that any policyholder incurs for availing a road ambulance.
ICU Charges: Your health is important to us. We cover your ICU charges incurred during hospitalization with no limit depending upon the plan.
Domiciliary Hospitalization: Treatment at Home is covered up to 10% of the sum insured on meeting certain specified conditions.
AYUSH Benefits: AYUSH (Ayurveda, Unani, Siddha, and Homeopathy) helps you with sustainable treatment. Stay worry-free as we cover hospitalization expenses for that as well.
No Claim Bonus: We raise a cheer for your good health and reward you with no claim bonus for every claim-free year. Your sum insured will increase by 10% up to a maximum of 50% in 5 consecutive years.
Day-care Procedures: We cover 541 procedures that require hospitalization less than 24 Hours.
Organ Donor Expenses: Donating organs needs courage. We appreciate and cover the medical and surgical expenses for harvesting a major organ for transplant.
Automatic Recharge: We are always there to support you. If you ever run out of your existing Sum Insured, do not worry. Your policy covers multiple hospitalizations.
Annual Health Check-Up: Why spend unnecessarily on health check-ups outside when you can get annual health check-ups under the policy coverage.
Second Opinion: At times, it may be possible that you need a second opinion. If you are not satisfied with your current treatment plan, we will arrange a second opinion.
Lifelong Renewability: Once you opt for our family insurance plans, you can take a sigh of relief and can continue the policy for lifelong on break-free renewals.
*Please read the policy T & C, brochure, and prospectus to know more about our health insurance plans cover as it may vary.
What is Not Covered under Health Insurance Policy for Family?
Listed below are the exclusions of family insurance plans that are not admissible under the policy:
- Any diagnosis of diseases / undergoing surgery/occurrence of an event, whose signs or symptoms first occur within 30 days of policy period start date
- Expenses attributable to self-inflicted injury (resulting from suicide, attempted suicide)
- Expenses arising out of or attributable to alcohol or drug use/misuse/abuse
- Treatment arising from or traceable to pregnancy and childbirth, miscarriage, abortion, and its consequences
- Congenital disease
- Tests and treatment relating to infertility and in vitro fertilization
- War, riot, strike, nuclear weapons induced hospitalization
Difference between Individual and Family Health Insurance Plans
Both individual and family insurance plans offer medical coverage during an emergency and give you a financial cushion. They greatly benefit when one aims to prevent out-of-pocket expenditures that often come with medical treatment. However, these plans have some differences; for instance, affordability is one defining factor that gives a health insurance policy for family an edge over individual health plans.
Here's a quick comparison of the two plans:
||Family Floater Health Insurance Plans
||Individual health insurance is an insurance plan that provides insurance coverage for a single individual.
||Family Floater health insurance is an insurance plan that provides insurance coverage to more than one family member in a single policy. According to the needs, the Sum Insured acts as a pool from which all the Insured members can utilize.
||Individual Health Plan offers coverage to a single person. For instance, if you have a family comprising of self, spouse, and one child. Then you will be buying a separate policy for self/ spouse/ child. Each member will be covered up to the Sum Insured opted in the policy.
||A member can utilize an amount up to the Sum Insured in the policy or pool in a medical emergency. In case after using, if any amount is left, it can be utilized by the remaining members for the next hospitalization in the same year.
||The premium depends on various factors, including the individual's age, pre-existing ailments, and Sum Insured opted.
||The premium depends on various factors, including the age of the eldest member of the family, pre-existing ailments, and the Sum Insured opted.
|Who should buy
||Individual plans are suitable for those looking for independent health cover for each member, or there are senior citizens in the family, or in case there are members who are suffering from medical ailments.
||Family health insurance plans are recommended for young couples or small families or low-cost solutions for parents' coverage.
||Individual plans give more coverage to each Insured member.
||Family floater plans are affordable as six members can get the coverage up to the Sum Insured under one policy.
Still Wondering How to Calculate Health insurance premium
How to Buy Health Insurance Plans for Family Online?
At present, when medical inflation is galloping and treatment costs are skyrocketing, it's wise to opt for the best family health insurance plans in India. It not only covers your medical needs but also supports you during the financial crunch.
You can opt for our health insurance plans for family online in few simple steps:
- Go to the official website of Care Health Insurance and select a health plan
- Enter the required details, including contact number
- Get the quote
- Choose the one that suits your needs
- You can customize your policy by selecting the policy tenure, the sum insured, and add-ons
- Fill in the relevant details, such as your age, occupation, pre-existing diseases, etc.
- Submit the documents if required
- You can choose convenient payment modes using any secured payment mode like net banking, debit or credit card, payment wallet, and pay health premium online
You will receive a health insurance policy document on your registered email id. The policy documents will include policy numbers and e-card Therefore, to ease your overall journey of opting for the best family health insurance plans in India, our representatives are available to assist you overcall, and you can feel free to reach out to them.
Tips to Choose the Right Health Insurance Plan for your Family
Investing in the right health insurance plans for family is a wise decision to protect yourself and your loved ones in case of any medical emergency. But how to choose the right plan can be an overwhelming task. Here you can read these tips that help you opt for the health insurance plans in India for family that best suits your family's medical needs.
Maximum Coverage: The best family health insurance policy provides pre and post-hospitalization expenses, diagnosis expenses, treatment, medication, organ donor cover, and annual health check-ups.
Affordable Premium: Calculate the premium with the help of online premium calculators available on our official website and compare what plans, covers, and add-on cost you less. Choose the plan accordingly that would not overburden your pocket.
Check Exclusions: Check the exclusions list carefully before choosing a family health insurance policy. There are certain conditions when your family cannot get the claim. So, opt for the cover that offers maximum coverage with minimal exclusions.
Check the Co-Payment Clause: Before investing in health insurance plans for family, it's advisable to check the co-payment clause. It can range between 10 to 30% of the amount you have to pay to settle the medical bills. However, any amount over and above this will be paid by us.
Network Hospitals: Check the list of network hospitals impaneled with the insurance provider. It's advisable to look for hospitals near your residence and well-renowned for healthcare services.
Higher CSR: CSR is the claim settlement ratio that shows the company's reliability to settle claims. Get the best health insurance for family from a company with higher CSR. We ensure easy claims experience for you with 95.2% CSR (FY 19-20).
How to Claim Tax Benefits on Family Health Insurance Plans?
Health insurance plans entitle you to get tax benefits under section 80D of the Income Tax Act, 1961. The health insurance premium you pay towards health plans for yourself or your family members gets you a tax rebate. You can save up to a maximum of Rs. 25,000 in a financial year if you are below the age of 60 years. In case you have insured yourself, family and parents, then you are eligible for tax benefit of Rs 50,000.
Add-On Covers with Family Health Insurance Plan
You can also enhance the policy coverage with the help of these add-on covers:
If corona is giving you sleepless nights, do not worry! We offer COVID Care as an add-on while covering medical expenses incurred for treatment and/or quarantine for COVID-19 with the positive confirmative diagnosis from Government Authorized Centre.
It is an optional cover with three-fold benefits:
- Claim Shield- It includes non-payable expenses such as attendant charges, gloves, masks, etc., under the policy benefit.
- No Claim Bonus Shield: If the total payable claim amount in Policy Year is <25% Sum Insured, then-No Claim Bonus (No Claim Bonus Super, if opted) as applicable in the base product shall not be reduced.
- Inflation Shield- The base policy sum insured will be increased on a cumulative basis at each renewal based on the previous year's inflation rate.
No Claim Bonus Super
NCB Super is a reward for your good health. It increases your Sum Insured amount by 50% for every claim-free year maximum of up to 100%.
Under this add-on, we cover your routine visits to the hospital. You will get 1% of your Sum Insured for doctor consultation & diagnostic tests each.
Unlimited Automatic Recharge
With this add–on your Sum Insured amount is reinstated in your policy whenever your existing Sum Insured gets exhausted. You can avail of it an unlimited number of times.
Air Ambulance Cover
We try hard that the right cure may be miles away but never out of your reach. Air ambulance cover helps you go for an emergency treatment that is not in your city of stay.
One of the most beneficial add-on covers takes care of expenses such as doctor consultation fees, prescribed pharmacy, and prescribed investigation tests.
International Second Opinion
We believe that sometimes reassurance works better. You can opt for an international second opinion to consult with a doctor outside the country.
How to Claim your Family Health Insurance?
We offer hassle-free and claim settlement to our customers. Intimation to the customer support team within 24 hours in emergency and before 48 hours in planned hospitalization is required. Under health insurance family plans, Insured members can claim in two ways:
For Cashless Facility:
Below are simple steps for availing cashless facility:
- Admission at the listed network hospital is required to avail cashless hospitalization facility.
- Fill the pre-authorization form available at the hospital's insurance / TPA Desk.
- Send it to our claim management team
- You will get an approval letter after verification
- For further any query from the claim management team, you or the hospital staff must respond to it.
- You can carry on your treatment as per the doctor's advice and file for a reimbursement claim a cashless request gets rejected.
For reimbursement, below are the quick steps:
- Submission of claim form along with required documents, as per the policy terms & conditions
- Approval letter sent by the claim management team
- Insured to respond to the query raised by the claim management team.
- We will communicate the reason in case of rejection
Who Should Purchase Family Health Insurance Plans?
In today's time,the best family health insurance plans in India are necessary because medical inflation impacts many family's finances in India. At the same time, ailments are on the rise mainly due to factors more related to an unhealthy lifestyle, thus, highlighting the need for a health cover. Hence, every family deserves the best financial protection and should consider opting for family health cover.
An adequate medical insurance policy for a family will eliminate the need to spend a huge sum of money every time a medical emergency occurs or when a planned hospitalization is needed.
Having health insurance for the whole family is more affordable than individual policies as it reduces the need to manage many individual policies. There is a single premium one has to pay, and all the members are covered in a single policy.
Individual health covers are indeed beneficial, but when someone has a family to take care of, including spouse, children, and dependant parents, the best option is a family medical policy. Moreover, it comes with various benefits and discounts.
Further, with tax benefits under Section 80D of the Income Tax Act, a family can be relaxed about their financial health and only focus on getting the right medical care when the need arises. Health insurance plans for family are highly recommended for any family that looks forward to savings and reducing the burden of medical expenditures.